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The foundation of the Shoe Event Horizon theory is that when depressed, people tend to look down, and when they look down, they see their shoes. To cheer themselves up, they might buy themselves a new pair. Thus, in a generally depressed society, demand for shoes will rise.

In the critical condition, demand for shoes rises faster than the capacity to make good quality footwear. As shoe quality decreases, the demand increases further because shoes wear out faster and need to be replaced more often; as the demand for shoes increases, cheap mass production causes shoe quality to drop even more. What results is a spiral of increasing shoe demand and decreasing shoe quality. Eventually, this destabilises the economy to the point where it is “no longer economically viable to build anything other than shoe shops”, and planetary society collapses.

Places in The Hitchhiker’s Guide to the Galaxy: Shoe Event Horizon on Wikipedia